Pacific Union International | Novato Real Estate Market Update (November 2013 Novato Home Sales Report)

November 12, 2013

Pacific Union International | Novato Real Estate Market Update (November 2013 Novato Home Sales Report). The number of trades in Novato, CA in October 2013 was impressive in what is typically a slower month for sales. Overall, 50 single family homes sold in the town of Novato last month. Despite the interest rate increase of earlier in the year, rates have dropped some and buyers remain actively in pursuit of well priced new listings. In addition, the highest price sale Novato has seen since the height of the market 8 years ago was recorded (Note: it was one of my listings and closed for just under $3 million).

The average sale price for Novato homes that sold in October 2013 was $785K (over $50K higher than July 2013). And Novato’s luxury sector (defined as listings over $1 million) continued its impressive performance with 7 sales (including my listing noted above).

Novato real estate sales in October averaged 69 days on market, were about 2,268 sq. ft., and averaged roughly $363/sq. ft. (note: this is up from $285/ft a year ago). Novato’s overall absorption rate (e.g., number of months’ inventory of homes for sale based on last month’s sales totals) is still very low — it continues to stand at approximately 1-month (59 single family homes are actively for sale in Novato). This is an incredibly low absorption rate — balanced markets have 6 months worth of inventory.

Below are the percentages of homes in escrow in each of Novato’s major price bands:
■73% of homes priced under $500,000;
■64% of homes between $501,000 and $750,000;
■13% of homes between $751,000 and $1 million;
■40% of homes between $1 million and up.

Of the 50 homes that sold in October 2013:
■4 homes were priced under $500,000;
■36 homes priced from $501,00 to $1 million; and
■7 homes priced from $1 million and up.

Single family homes in Hamilton Field, Pointe Marin, Marin Country Club Estates, Rush Creek, and Bel Marin Keys generated the most calls and showings this past month. If you would like me to run the exact numbers for your Novato neighborhood or if you have any questions about Novato’s schools or many delightful communities, just give me a call at (415) 350-9440. My name is Kyle Frazier. I am a J.D., Broker, Realtor, Certified Residential Specialist (CRS), and a Certified Luxury Home Marketing Specialist (CLHMS), with Christie’s Great Estates | Pacific Union International Real Estate. It is always my pleasure to be of service.